Costa Rica's Banco Popular in talks with INS on pensions merger
Costa Rica's Banco Popular is in negotiations to acquire or merge with the pension-fund management company of the state-owned insurance monopoly, Instituto Nacional de Seguros (INS). If it comes off, the deal will be one of the biggest ever in the pensions sector.
Wednesday, May 28, 2008
No information is available on the progress of the talks, which are being held behind closed doors. INS's operator manages 27 billion colons (about US$50 million), or 2.2 percent of the pensions market. Banco Popular's market share is 24.5 percent.
The National Insurance Institute will resume this year its plan to expand its operations to the countries of the region, investing $300 million in the process.
Bank “Banco Popular” will buy 100% of the liabilities of intervened financial cooperative Coopemex, and will put in place a trust to manage its assets.
The Banco Popular will make the sum available for MSMEs that lack the collateral needed for a credit line.
The possible acquisition of INS Pensiones by Popular Pensiones – first revealed by LA REPUBLICA – could lead more than 29,000 Costa Rican savers to switch pension funds.
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